Tax time tips for a stress-free stocktake
Posted on 5th June 2017 by Brooke Morkham-Calvert
With the end of financial year almost upon us, it’s time for stocktake.
You will need to complete stocktake by 30 June, so that you can accurately determine your value on hand for tax purposes.
Follow these two easy steps and you'll be tax-ready in no time.
Your stocktake made easy
- Before 30 June follow the instructions in this video to complete your stocktake
- On 30 June follow the instructions in this video to run your stock control report.
Your questions answered
When I go to add a product to a stocktake, why am I receiving the message 'Product has been selected in the [xyz] stocktake'?
You're receiving this message because the product already exists in a stocktake and cannot be added to another stocktake. You will either need to complete the existing stocktake, or delete it so that you can add the product to a new stocktake.
There is an old stocktake which has a status of 'recount'. Can it be deleted?
No – you will need to complete this stocktake even if it's old. You will also need to complete a new stocktake. A stocktake with a status of 'recount' will only contain products where the counted quantity differed from the expected quantity on hand.
The average cost of one of my products is wrong. Can I change the average cost?
Yes, you can change the average cost. You must have the appropriate security access to be able to change this price.
I want to get my stock valued at last buy price rather than average cost. Can the stock control report show me the last buy price?
Version 7.4.12+: Yes – In the later versions of 7.4.12 and Shortcuts Fusion you can now run the stock control report by buy price. When running the report select Misc then select the option for Buy Price.
Older versions: No – the stock control report will only display and calculate the stock using average cost. Follow the below instructions to export your stock details from the product window into Excel and calculate the value using buy price.
- From the navigation bar select Stock, then select Products.
- On the screen, view all the columns you wish to export.
- To prevent errors, make sure the active column is not selected.
To remove the active column, right click on any column heading, select Properties and remove the tick against 'active'.
To add additional column/s, right click on any column heading, select the Category and then the column you wish to view.
- Once you have all the columns you wish to export, right click on the Business heading.
- Select Export > Export to Excel.
Hot tip: Consider doing a separate stocktake for each company or supplier. Smaller stocktakes are easier to manage.